What is wrinkle?
Ripple, or XRP, is both a cryptocurrency and a platform. Technically, Ripple is the name of the company and network, and XRP is the cryptocurrency. The Ripple platform is an open-source protocol designed to enable fast and low-cost digital transactions.
Key learning points:
- Ripple, or XRP, is both a cryptocurrency and a platform.
- The company and network platform are usually referred to as Ripple and XRP is considered to be the cryptocurrency.
- The Ripple platform enables fast and cheap digital transactions.
- XRP can be purchased on various exchanges such as Bitstamp, Kraken, and GateHub.
Ripple has made a name for itself and some financial institutions and analysts are predicting a strong future for this network. The network is expected to increase the global liquidity of money by enabling transfers around the world at record speeds and at low cost.
XRP hit its all-time high on January 4, 2018, when the value of one XRP reached $3.84. After the peak, however, a downward trend followed and in September 2018 XRP lost more than 93% of its value from its January 2018 high, reaching a new low of $0.26 on September 11, 2018. sustained in 2018 and 2019, and continued poor performance resulted in XRP hitting its daily low of $0.12 on March 13, 2020.
In November 2020, XRP experienced a price increase – the daily high peaked at $0.77 on November 24, 2020. Since November 2020, the price of XRP has risen steadfastly upwards, reaching a daily high of $1.96 on April 14, 2021. and widespread May 2021 price swings in the crypto market that apply to most exchange-traded digital assets are currently reflected in the price of XRP. On May 20, 2021, XRP’s adjusted close was $1.18.
How does an investor buy Ripple? Like other cryptocurrencies, Ripple is available on various exchanges. According to the Ripple website, XRP, Ripple’s cryptocurrency token, can be purchased through various exchanges.
How does an investor buy XRP tokens? Right now, that’s not an easy question to answer for US investors. According to the XRP Token FAQ, XRP trades on more than 100 global markets and digital asset exchanges. Ripple Labs, Inc. however, is involved in a lawsuit filed by the Securities and Exchange Commission. The SEC filed a lawsuit against Ripple in December 2020, alleging that the sale of XRP was an unregistered securities offering worth more than $1.38 billion USD. As a result, XRP has been removed from many exchanges.
Buying XRP in the United States has become increasingly difficult, if not impossible, as many exchanges have suspended trading for the time being. For some exchanges, this means delisting only in US markets and/or the countries in which they operate, or opting to delist globally. The following are examples of well-known exchanges that have currently delisted XRP pending the results of the lawsuit:
- cross tower
Phemex Crypto Exchange, which had previously delisted XRP, has reconsidered its position and brought XRP back to its trading platform for spot (XRP/USDT) and contract (XRP/USD) trading.
As of May 21, 2021, it is unclear when the legal action can be resolved and what the implications of the pending courtroom rulings and motions may be, as they will play out in the coming weeks and months. While you may not be able to invest in XRP at this time, the outcome of this case has historical potential to shape not only the future of Ripple Labs, Inc. and XRP trading, as well as setting the tone for the regulatory future of cryptocurrencies.